Bharti Airtel on Wednesday said that it has acquired a 10 per cent stake for an undisclosed amount in edtech start-up Lattu Media Private Limited as part of the Airtel Startup Accelerator Program. The app by Mumbai-based Lattu Kids focuses on improving English vocabulary, English reading and mathematics skills for children via entertaining, fun learning animated videos and games.
"It is estimated that in India Edtech will become a $2 billion-plus industry by 2021. The investment will enable Airtel to add Edtech to its premium digital content portfolio and give distribution scale to quality learning material from Lattu Kids. Airtel already has over 160 million monthly active users across its digital platforms - Airtel Thanks app, Airtel Xstream app and Wynk Music," Bharti Airtel said in the regulatory filing.
With this acquisition, Lattu Kids becomes the fourth company to join the Airtel Startup Accelerator Program. Deep penetration of the internet has also led to an increased adoption of online learning tools, Bharti Airtel said, adding that the coronavirus pandemic and closure of schools has further accelerated the adoption of virtual classrooms and digitally enabled learning.
"At Airtel, we aspire to support the growth of the start-up ecosystem through our digital platforms. And now more than ever, online education is a critical need for millions of young children who do not have access to regular classrooms. We believe that Lattu Kids can make a positive impact in the space of online education and are excited to have them in our accelerator and partner in their growth," said Adarsh Nair, chief product officer, Bharti Airtel.
Shares of Bharti Airtel ended the intraday trade at 563.50, up 18.60 points, or 3.41 per cent on NSE.